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BORROWINGS (Tables)
 12 Months Ended
Mar. 31, 2024
Debt Disclosure [Abstract]  
Schedule of Borrowings Outstanding
The Company had the following borrowings outstanding as of March 31, 2024 and March 31, 2023 (amounts in thousands):

Outstanding Balance
Unamortized Debt Issuance Costs and Debt Discount/Premium(1)
Recorded Value
Estimated Fair Value(2)
March 31, 2024
SBA Debentures$153,000 $(4,305)$148,695 $141,638 
Corporate Credit Facility265,000 — 265,000 265,000 
SPV Credit Facility— — — — 
January 2026 Notes140,000 (612)139,388 118,249 
October 2026 Notes150,000 (1,923)148,077 127,150 
August 2028 Notes71,875 (2,182)69,693 74,261 
$779,875 $(9,022)$770,853 $726,298 
March 31, 2023
SBA Debentures$120,000 $(3,670)$116,330 $115,836 
Corporate Credit Facility235,000 — 235,000 235,000 
January 2026 Notes140,000 (949)139,051 122,768 
October 2026 Notes150,000 (2,737)147,263 132,238 
$645,000 $(7,356)$637,644 $605,842 
(1)The unamortized debt issuance costs for the Corporate Credit Facility and the SPV Credit Facility are reflected as Debt issuance costs on the Consolidated Statements of Assets and Liabilities.
(2)Each estimated fair value for the SBA Debentures, January 2026 Notes and October 2026 Notes is a Level 3 fair value measurement under ASC 820 based on a valuation model using a discounted cash flow analysis. The estimated fair value of the August 2028 Notes is based on the closing price of the security on The Nasdaq Global Select Market, which is a Level 1 input under ASC 820. The estimated fair value of the Corporate Credit Facility approximates its recorded value due to its variable interest rate.
Schedule of Credit Facilities
The summary information regarding the Corporate Credit Facility is as follows (dollars in thousands):
Years Ended March 31,
202420232022
Interest expense and unused commitment fees$17,813 $12,008 $5,166 
Amortization of deferred financing costs1,813 1,144 992 
Total interest and amortization of deferred financing costs$19,626 $13,152 $6,158 
Weighted average effective interest rate7.66 %5.22 %2.50 %
Average borrowings$217,500 $213,658 $173,500 
Schedule of Notes and SBA Debentures
The summary information regarding the January 2026 Notes is as follows (dollars in thousands):
Years Ended March 31,
202420232022
Interest expense and unused commitment fees$6,300 $6,300 $6,300 
Amortization of deferred financing costs337 344 361 
Total interest and amortization of deferred financing costs$6,637 $6,644 $6,661 
Weighted average effective interest rate4.46 %4.46 %4.46 %
Average borrowings$140,000 $140,000 $140,000 
The summary information regarding the October 2026 Notes is as follows (dollars in thousands):

Years Ended March 31,
202420232022
Interest expense and unused commitment fees$5,062 $5,062 $2,658 
Amortization of deferred financing costs814 734 435 
Total interest and amortization of deferred financing costs$5,876 $5,796 $3,093 
Weighted average effective interest rate3.50 %3.50 %3.50 %
Average borrowings1
$150,000 $150,000 $132,900 
1Average borrowings for the year ended March 31, 2022 are calculated from August 27, 2021 (the issuance date of the October 2026 Notes) through March 31, 2022.
The summary information regarding the August 2028 Notes is as follows (dollars in thousands):
Years Ended March 31,
202420232022
Interest expense and unused commitment fees$4,425 $— $— 
Amortization of deferred financing costs423 — — 
Total interest and amortization of deferred financing costs$4,848 $— $— 
Weighted average effective interest rate7.75 %— %— %
Average borrowings1
$71,875 $— $— 
1Average borrowings for the year ended March 31, 2024 are calculated from June 14, 2023 (the issuance date of the August 2028 Notes) through March 31, 2024.
The summary information regarding the SBA Debentures is as follows (dollars in thousands):
Years Ended March 31,
202420232022
Interest expense and fees$5,418 $2,792 $220 
Amortization of deferred financing costs619 426 126 
Total interest and amortization of deferred financing costs$6,037 $3,218 $346 
Weighted average effective interest rate4.18 %3.38 %1.30 %
Average borrowings$129,708 $82,641 $16,971 

As of March 31, 2024, the Company's issued and outstanding SBA Debentures mature as follows (amounts in thousands):

Pooling Date (1)Maturity DateFixed Interest RateDebenture Amount
9/22/20219/1/20311.575%$15,000 
3/23/20223/1/20323.209%25,000 
9/21/20229/1/20324.435%40,000 
3/22/20233/1/20335.215%40,000 
9/20/20239/1/20335.735%10,000 
3/20/20243/1/20345.164%15,000 
(2)(2)(2)8,000 
$153,000 
(1)The SBA has two scheduled pooling dates for SBA Debentures (in March and in September). Certain SBA Debentures funded during the reporting periods may not be pooled until the subsequent pooling date.
(2)The Company issued $8.0 million in SBA Debentures that will pool in September 2024. Until the pooling date, the SBA Debentures bear interest at a fixed rate with a weighted-average interim interest rate of 5.91%.
Summary of Contractual Payment Obligations
A summary of the Company's contractual payment obligations for the repayment of outstanding indebtedness at March 31, 2024 is as follows:
Years Ending March 31,
20252026202720282029ThereafterTotal
SBA Debentures$— $— $— $— $— $153,000 $153,000 
Corporate Credit Facility— — — — 265,000 — 265,000 
January 2026 Notes— 140,000 — — — — 140,000 
October 2026 Notes— — 150,000 — — — 150,000 
August 2028 Notes— — — — 71,875 — 71,875 
Total$— $140,000 $150,000 $— $336,875 $153,000 $779,875